Domestic refinancing through NaBFID lowers borrowing costs by around 150 basis points and strengthens the company’s long-term capital structure
Gurugram : ACME Solar Holdings Limited has successfully completed the refinancing of ₹2,147 crore, redeeming the existing Non-Convertible Debentures (NCDs) issued by 12 operational Special Purpose Vehicles (SPVs) under its Restricted Group (RG) structure.
The 12 SPVs collectively represent 450 MW of operational solar capacity.
Offshore Dollar Bonds Fully Redeemed
Alongside the domestic refinancing, ACME Solar has also fully redeemed the underlying offshore dollar bonds issued under the orphan structure.
With this transaction, the company said its total financing raised during the current financial year has reached ₹8,198 crore.
Refinancing Through NaBFID
The long-term refinancing was sourced from the National Bank for Financing Infrastructure and Development (NaBFID).
The refinancing is expected to significantly improve the financial profile of the operational assets by reducing borrowing costs.
According to ACME Solar, the transaction has lowered the borrowing cost across the issuing SPVs by approximately 150 basis points.
Key impact of the refinancing:
- ₹2,147 crore of domestic refinancing completed
- Existing NCDs of 12 operational SPVs redeemed
- Assets represent a cumulative 450 MW capacity
- Offshore dollar bonds fully redeemed
- Approximately 150 basis points reduction in borrowing costs
- Long-term refinancing sourced from NaBFID
- Total financing raised in FY27 so far: ₹8,198 crore
Stronger Project Cash Flows
The reduction in financing costs is expected to improve project-level cash flows and strengthen ACME Solar’s long-term capital structure.
The company’s Restricted Group structure comprises 12 operational solar assets. Around 56% of the total capacity is tied up with central utilities, including SECI and NTPC, while the remaining capacity is contracted with various state offtakers.
CARE Ratings Assigns Provisional AA- Rating
The credit quality of the operational assets is also reflected in the provisional AA- rating assigned to the Restricted Group structure by CARE Ratings.
The rating provides an indication of the credit rating agency’s assessment of the operational and financial strength of the underlying assets.
ACME Solar’s Renewable Energy Portfolio
ACME Solar Holdings Limited is an integrated renewable energy company with a diversified portfolio covering:
- Solar power
- Wind energy
- Battery Energy Storage Systems (BESS)
- Firm and Dispatchable Renewable Energy (FDRE)
- Hybrid renewable energy solutions
The company has a total portfolio of approximately 8,070 MW, including 2,990 MW of operational contracted capacity, 3.62 GWh of BESS capacity, and 5,080 MW of contracted capacity under construction.
Bottom Line
ACME Solar’s ₹2,147 crore domestic refinancing and full redemption of its offshore dollar bonds mark a significant debt-management step. The refinancing through NaBFID, combined with an estimated 150-basis-point reduction in borrowing costs, is expected to support stronger cash flows and a more efficient long-term capital structure for the company’s operational renewable energy assets.
